China promises more market access for foreign players
Commitments come after overseas companies say it is much harder to do business on the mainland
Beijing unveiled a long list of policy guidelines on Tuesday, promising wider market access for foreign investors.
The guidelines were released by the State Council just a few hours before President Xi Jinping used an address at the World Economic Forum in Davos to underscore China’s commitment to free trade.
According to the guidelines, Beijing will “create an easier and more open and transparent business environment ... to stabilise the scale and speed of foreign investment”.
The State Council said China would lower market barriers for overseas financial firms and make it easier for foreign investors to invest in the manufacturing and energy sectors. It also urged local authorities to give equal treatment to foreign businesses in areas like licensing and government procurement.
Overseas businesses would also be encourage to launch initial public offerings and sell bonds in China. In addition, foreign firms would get a 30 per cent discount on land use costs.
It’s in China’s own interest to level the playing field for foreign companies
Most of the policies repeat or expand on existing measures but the State Council said all government departments and authorities must “act proactively” to implement them.
